How To Start Investing In Cryptocurrencies On Kraken.com

akku (25)in #crypto • 7 years ago

First you have to create an account with Kraken: https://www.kraken.com/en-us/signup
Then we Germans have to verify ourselves at Tier 3, so that we can deposit money from a normal bank account. If you're not from Germany, Tier 2 should be enough for you:
For Tier 3, a lot of personal data is requested, you have to photograph and upload your personal data (which is against the general opinion by no means forbidden in Germany), also a salary statement, bank message, electronic invoice or similar is needed. In addition, you have to upload a selfie of yourself with a handwritten note, all in the name of identifiability. Well, we also want to increase our money legally, so that's probably a bit understandable.
Currently, verification processes seem to be offline from time to time, Kraken has not said anything about this on their blog or Twitter, so I guess it's gonna be working soon again.
Now we have to use our normal bank account to transfer money to our Kraken account. Attention, only if the name of the account holder matches the name of the Kraken account, you can deposit or withdraw money! Note that you can also transfer money from lots of other cryptocurrencies to your account, see the left hand side on the Funding-subpage.
To do the bank transfer for us Europeans, refer to the sub-sections "Funding","Euro" and "FIDOR Bank AG (SEPA)":
Below you can see the details of the bank transfer you have to make from your account in order for the money to reach your Kraken account:
For me it worked relatively fast, but at the moment the crypto exchanges are struggling with a large number of new users every day, so that everything might be a little slower. The verification process took me about a day, and the money transfers from my bank account arrived after about one or two days.
When these transfers have been received, it should look like this:
But where to invest? Better invest nowhere. The first investment should preferably take place on a day when investors are all crying for at least two days and the relevant websites are calling for a bitcoin crash. Then the prices are low and you can get everything cheap, and 1-2 days later the stock market has recovered anyway. More details may be available soon in another post.
I would be happy if you'd 'like' this post, I am new on this platform and would like to try it out.